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If the grantee doesn’t qualify to assume the outstanding mortgage, the grantor can get stuck with liability for the contract. A quitclaim deed is a binding legal document that will release any interest the signer may have in a particular piece of real estate. Purchasing or accepting a property with a warranty deed hands over full ownership interest in rights, including over the mortgage. A tool used in real estate, the quitclaim deed is one of the many different types of deeds available. Using a quit claim deed is a simple process that requires a deed form and a copy of the existing deed. Quitclaim Deed versus a Warranty Deed. The only thing to remember is that quitclaim deeds do not impact the mortgage of a home. Quitclaim deeds are useful in title-clearing actions or simple transfers between family members or in a divorce. When spouses divorce, they must divide their real estate. Keep in mind that a quitclaim deed has no effect on the mortgage, so even if you remove a person from the deed, all parties on the mortgage are still responsible for payments. The property also remains as collateral for debts, including taxes and the mortgage, no matter who is on the title. 3. It provides no guarantee that the guarantor actually has rights to the property, nor that the title is free of any other claims. You can file a quitclaim deed without refinancing your mortgage, but you are still responsible for the payments. A quitclaim deed may or may not affect your mortgage depending on how the parties use the deed. It is effective as soon as it is signed, so the moment you sign a quitclaim deed you no longer have any rights to the property. Mortgage, A quitclaim deed is not needed if there is a mortgage. This process typically requires the same type of information necessary to take out the original mortgage: The lender will look at the grantee’s financial situation and decide whether or not the person qualifies for assumption of the loan or a refinancing of the house. Family members are the most common people to use quitclaim deeds, especially for transferring property, instead of the sale of property. File Format. Other Types of Deeds for Better Protection. Perhaps you found out that there’s a cloud on the title. A quitclaim deed is a binding legal document that will release any interest the signer may have in a particular piece of real estate. When a mortgage is in danger of becoming an unsustainable burden a homeowner’s finances, they may sign a quitclaim deed that will transfer some ownership interest in their home to another party. If the lack of protection in a quitclaim deed worries you in terms of mortgage payments, consider filing a different type of deed. The grantee can receive the mortgage lender’s approval to assume the mortgage from the grantor. Quitclaim Deed vs. Warranty Deed vs. Special Warranty Deed . in Texas and New Mexico. The grantee would then have control of the mortgage and the future of the home. Attachments: A quitclaim deed in Alabama must be filed with the Real Estate Sales Validation, or Form RT-1. A quitclaim deed is a legal instrument that is used to transfer interest in real property.The entity transferring its interest is called the grantor, and when the quitclaim deed is properly completed and executed, it transfers any interest the grantor has in the property to a recipient, called the grantee. File Format. For the person retaining ownership of the property, it insures that it won’t be foreclosed on due to the absent person’s failure to pay. But there are problems with using a quitclaim deed form in Texas. advisorfinancialservices.com. The grantee can receive the mortgage lender’s approval to assume the mortgage from the grantor. Property can be transferred by way of Quitclaim Deed to another person, regardless of … There are a number of well-worn tricks. This way, the grantee’s property ownership is not contingent upon the grantor continuing to make payments. Executing a deed can also create issues with your mortgage such as triggering a due on sale clause. A quitclaim deed is a type of deed that allows one owner of a property to transfer his ownership interest to someone else. The grantee must prove to the mortgage provider or loan lender that he/she can make the payments. If you don’t transfer the mortgage, it’s your credit the missed payments will harm, not your ex’s. How is a Mortgage Handled when a Quitclaim Deed is Used to Transfer Property Ownership? Unlike other real estate deeds, it conveys only the interest the grantor has at the time of the deed’s execution and does not guarantee that the grantor actually owns the property or has a good title. hbspt.cta._relativeUrls=true;hbspt.cta.load(206668, '63438096-3b4f-45ba-984f-4fdc43a7dc08', {}); Topics: A quitclaim deed is a legal instrument that is used to transfer interest in real property.The entity transferring its interest is called the grantor, and when the quitclaim deed is properly completed and executed, it transfers any interest the grantor has in the property to a recipient, called the grantee. They can add or remove an owner of the property or change the way the title is held, or vested. This takes the grantor’s name off the mortgage and relieves him/her from the legal burden of making payments. The new owner will have the title of the property, but the original grantor will still be liable for the outstanding mortgage. There are a number of well-worn tricks. hbspt.cta._relativeUrls=true;hbspt.cta.load(206668, '0340db3d-9154-4ef3-a667-f2f83bb7aec0', {}); Some properties have due-on-sale clauses in the mortgage agreements. PDF; Size: 185 KB. The grantee also has the, If the lack of protection in a quitclaim deed worries you in terms of mortgage payments, consider filing a different type of deed. As mentioned earlier, a quitclaim deed does not convey a clean title to the property, meaning that in addition to a mortgage, the property could be the subject of other liens, such as tax liens or mechanic's liens. … Deeds are usually differentiated by what they state or guarantee when the ownership is transferred from … A quitclaim deed does not offer legal protection from these adverse outcomes like other, There is a way for grantees to increase their legal safety despite the lack of protection from a quitclaim deed. 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